XML 51 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
RELATED PARTY TRANSACTIONS
12 Months Ended
Mar. 31, 2015
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 10- RELATED PARTY TRANSACTIONS

 

WCMC leased approximately 1,000 square feet of office space from an affiliate of Cleantech Solutions International, or CSI, to serve as its primary corporate offices in Wuxi, China. The lease had an initial two-year term and rent under the lease with the CSI affiliate is approximately $17,000 on an annual basis. This lease expired on November 15, 2013 and was not renewed. In addition to having leased property from an affiliate of CSI, we subcontract fabrication and machining services from CSI through their manufacturing facility in Wuxi, China and such subcontracted services are overseen by our personnel co-located at CSI in Wuxi, China. We viewed CSI as a related party because a holder of approximately 5% of the fully diluted equity interests in CSI, also holds approximately 36% of the fully diluted equity interests in TechPrecision. There were no payments made to CSI in fiscal 2015 and fiscal 2014. WCMC is subcontracting manufacturing services from other Chinese manufacturing companies on comparable terms as those it has with CSI.